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Canadian consumer price inflation advanced at the fastest pace in a decade in May, a 3.6% increase led by both y/y base comparisons and recent consumer strength including the biggest jump in housing costs since 1987.
The increase Statistics Canada reported on Wednesday just beat the economist consensus for a 3.5% increase, as did the monthly CPI gain of 0.5% versus the expected 0.4% rise. The average of three core inflation rates preferred by the central bank quickened to 2.3% from 2.1%, the fastest since 2009. Gasoline prices rose 43% from a year ago, slower than April's 63% jump. Excluding gasoline, inflation gained 2.5%.
StatsCan's report suggested that while base effects are already slowing as a source of upward pressure, in line with the BOC's view that inflation will slow towards its 2% target later this year, rampant consumer demand is creating new gains. Industry sources have told MNI further inflation pressure depends on supply chain pressures as the economy re-opens amid worker and commodity squeezes.